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Limited Companies
Apparently I've got to be one of these so that I can be paid as a contractor.
I'm too lazy/easily confused to set up my own so going through an 'umbrella company' seems more viable, has anyone got any experience of these?
kthnxbye
Yeah, I know people who have
basically you give them your setails and they do everything for you
Umbrella companies don't exist anymore.
The government threw them out in April.
Get someone to manage it for you, because they are a major pain in the ass if you don't know what you're doing.
Google 1st contact. They're quite big and have been doing this for years.
Contracting can be a grey area tax wise if you're doing contracts of more than three months at a time. I took advice from a bunch of long-term contractors and had to decide the financial gain wasn't worth the pain in the end. Much to my uber-disappointment of having to take almost a 20% pay cut :(
It does seem uber-confusing
I'm only on a 6 month jobby, and only found out I was meant to have a ltd company yesterday.. it does seem like too much to work out by myself, particularly as I don't think I'm going to make a habit of doing contract work.
Having a look at 1st contact now. Thanks.
:)
Okay. Tip then.
Limited companies you can literally buy off the shelf. Paperwork can be set up very quickly. But you need a business bank account for that limited company before you can even start to think about getting paid from whatever company you're working for; they absolutely won't pay into a personal bank account, and they also won't do it into someone else's limited company - they'll need proof that you're a Director.
The bank account can take some time - days, in fact. So get onto it quickly if your contract is due to start soon.
* up to 10 days
Ah, my contracts started already!
Ooops!
Looks like i'll be on the phone to some chumps later..
Yes, do.
There's like three different timesheet/payment processes before it hits your bank so get to it! :)
Oh, and finally.
If you go through 1st contact, get them to MANAGE it, but find another accountant if you can.
They're proper rip off merchants with their accounts packages, and the contractors told me that I don't need most of what they offer.
most accountants can do it
very quickly. You just need to tell them the name of the company and the directors, secretary and shareholdings.
a couple of my mates have done it
and found it ok. You do need a decent accountant though.
Isn't there also the problem with National Insurance
where because you are both the employee and employer you really get stung on NI because you have to pay both lots?
i use an umbrella company
i go via giant, who are doing a good job for me so far. they sort out all the annoying stuff so i dont have to bother with a company, accountants and so on.
i used to do whole ltd company thing when i contracted a few years ago, but i just cannot be arsed anymore.
I'm part of an umbrella company and only set mine up in October..
so they do still exist.
I have to say I've had nothing but shit since joining mine.
I'm actually going back to PAYE as a contractor now which means I'll get holiday leave paid for and also other benefits. I was shafted by my recruitment agency who told me that the company I worked for would only accept me under those terms... which I queried hard - but she lied to me (bitch) for her own gain... anyway - happy ending for me.
I'm with Giant. It's a bit annoying to be honest filling in the paperwork and stuff.
I'm with GIANT who are probably as much of a muchness as others...
haha
i've found them fine. no hassle at all really.
Oh really?
You and me should talk about this umbrella company in real life. I want details.
*benefits of the company I work for outweight being solo in my case...
Bah, all of this is giving me a headache.
at least i have the interwebs now so I can do some 'research' n that. Hooray!
Did ya call anyone yet??
I've still got all the paperwork about it - if you like, I can photocopy & post to you. Or pdf or sommat? PM if so.
Not yet, i'm still waiting for a copy of my contract
I think the work email system is ultra rubbish.. it hadn't come through. I was going to have a look through it this weekend as well. Bah!
I'll have a look at 1st contact though.